Gold reached a new peak amid worries over an escalating trade war, with President Trump's decision to impose tariffs on all auto imports adding to investor concerns. The precious metal surged to over $3,077 per ounce, marking a fourth consecutive weekly gain driven by increased demand for safe-haven assets.

Trump's tariff announcement targeting auto imports, as well as the potential for additional levies on April 2, fueled anxieties among investors. Despite positive economic growth data in the US, fears of a trade conflict overshadowed the news. Gold prices have surged by 16% this year, reaching multiple new highs, supported by central bank purchases and a growing appetite for safe-haven assets in the face of global uncertainties.

Major banks have raised their gold price forecasts, with Goldman Sachs now projecting a year-end target of $3,300 per ounce. Silver has also surged, benefitting from increased demand for safe-haven assets, with concerns about tariffs leading to a tightening market. Analysts predict higher spot prices due to elevated lease rates in London.

As of 10:27 a.m. in Singapore, spot gold was trading at $3,076.92 an ounce, up 0.6%, on course for a weekly gain of 1.8%. The Bloomberg Dollar Spot Index remained steady, while silver, platinum, and palladium also saw some upward movement.